Medical Investment Property

Office for Sale
Sale Pending/Contingent
Catylist Listing ID: 30794282
Property Subtypes: Business Park, Medical
Status: Pending/Contingent
Building Size (RSF): 5,410 SF
Sale Price: $1,499,000
Unit Price: $277.08 PSF
Property Use Type: Investment
Building Name: 120 Pine Avenue North
Class of Space: Class A
Usable Size (USF): 5,410 SF
Sale Terms: Cash to Seller
Cap Rate: 5.6%
Average Occupancy Rate: 100
Last Updated: 5/9/2022

Overview / Comments

Fully leased medical investment property. Free standing building 100% leased to BayCare Medical Group, Inc. a wholly owned subsidiary of BayCare Health System. Tenant has been at this location since 2006. They recently upgraded the facility showing a strong commitment to the property. The lease term has approximately 42 months remaining and the tenant has no options to renew providing buyer with strong upside. Rare north Pinellas County medical investment property. Medical is an internet and pandemic resistant tenant. Current below market rental rate provides significant financial upside. Access via full traffic light intersection. Tampa Road carries over 53,000 vehicles per day. High parking ratio of 6/1,000. Extremely tight market with significant barriers to entry for new commercial construction.

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Additional Details

Nearest MSA: Tampa-St. Petersburg-Clearwater
County: Pinellas
Taxing Authority: Pinellas County
Tax ID/APN: 14-28-16-20228-000-1200
Zoning: C-2
Property Located Between: Tampa Road & Pine Avenue North
Property Visibility: Good
Site Description: Located in major office park.
Area Description: Upscale north Pinellas location with strong demographics
Total Number of Buildings: 1
Number of Stories: 1
Typical SF / Floor: 5,410 SF
Year Built: 2006
Year Renovated: 2020
Roof Type: Hip
Construction/Siding: Block
Exterior Description: Attractive office design
Parking Ratio: 6 (per 1000 SF)
Parking Type: Surface

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 8,070 63,081 197,644
Median Age: 36.74 44.65 45.79
Households: 3,030 26,993 86,950

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